Counter-fraud

The Chartered Trading Standards Institute (CTSI) is proud to be the first signatory of the new National Trading Standards (NTS) Scams Team’s ‘Fraud and Scams Victim Charter’. This is another milestone in the work of both CTSI and NTS to support and inform consumers with regards to the scams and frauds they may experience.

The Charter will support victims of frauds and scams; it explains the standard of service that victims of these crimes can expect and from organisations who sign up to the Charter. This includes commitment to not blame or shame victims but to show empathy, understanding and compassion, and reminds us of how we should treat all victims of crime, but with a focus on fraud and scams.

Every business in the world has one thing in common—the need to accept payments for their services or goods. However, it’s never as simple as it sounds, especially when you consider the role fraud plays. Global losses from online payment fraud are projected to soar past $362 billion in the next five years. In the UK alone, businesses took a hit of over £173.8 million in the first half of 2023 due to card-not-present fraud.

https://www.msn.com/en-gb/money/other/why-fraud-prevention-strategies-are-backfiring-for-businesses/ar-BB1oEnvJ

Fraud currently accounts for around 38 percent of total crime in England and Wales, and it cost the UK £2.46 billion in FY 21/22. Instances of Fraud have continued to grow in recent years, representing a huge proportion of criminal activity that is costing the UK economy dearly.

Backed by international criminal enterprises, fraud can take many forms, from individual romance scams to defrauding public funds. Its scale and pervasiveness represent both a reputational and fiscal risk to government agencies and departments.

https://www.thinkdigitalpartners.com/news/2024/05/13/how-can-the-uk-government-tackle-the-increasing-threat-of-fraud/?utm_campaign=shareaholic&utm_medium=twitter&utm_source=socialnetwork

Fraud remains England and Wales' most common crime, and last year victims lost over £1bn. To fight back, Which? believes the next government has both an opportunity and an obligation to make tackling fraud a national priority.

https://www.politicshome.com/members/article/next-government-make-fraud-national-priority

The contemporary banking system operates in a dynamic and interconnected global landscape. While this presents vast opportunities, it also introduces novel challenges to financial security. According to a report by Deloitte’s Center for Financial Services, generative AI could drive fraud losses in the United States to an estimated $40 billion by 2027, up from $12.3 billion in 2023. This represents a compound annual growth rate of 32%.

https://www.finextra.com/blogposting/26318/beyond-borders-beyond-fraud-securing-the-future-of-finance

Firms in the financial services industry “need to have a whistleblowing policy in place” to combat fraud effectively, Medius CEO, Emma Brown, has argued.

Brown, who is responsible for putting in place whistleblower policies and making sure they are effective, explained that, while every industry can be susceptible to fraud, financial services are particularly at risk due to their nature as “a lot of money is changing hands”.

The UK is fast becoming a global hotspot for online fraud, which is having a devastating impact on both businesses and the economy.

New research from fraud prevention platform Ravelin shows online fraud is increasing globally but has grown more in the UK in the last 12 months than any of the ten countries surveyed, including France, Germany, Italy, America, Brazil, Australia, and Mexico.

According to figures from UK Finance, the UK trade association for banking and financial services, losses to fraud in the past year exceeded £1billion, equating to £2,300 stolen every minute. More must be done to stop this. As a result, Which?, the consumer choice advisor, has recommended the next Prime Minister appoint a dedicated fraud minister.

https://thefintechtimes.com/which-recommends-a-fraud-minister-to-tackle-40-of-uk-crime-fraud/

When an international teenage fraudster from Aberdeen saw his audacious life of crime come crashing down, he felt a strange sense of relief.

Elliot Castro who had nicked millions to fly first class around the world, stay in the best hotels, spend big in Beverly Hills and party with U2’s Bono had simply had enough.

The latest fraud threatening the UK could cost businesses at least £4.2billion if appropriate steps are not taken, new research from LexisNexis Risk Solutions shows.

A new study looked at over 72million consumer profiles and found 2.8million showing several signs of 'Frankenstein cloning', where fraudsters stitch real and made-up personal details together to create a 'new' synthetic identity to spoof credit checks and commit high-value fraud against banks and credit providers.

https://mondovisione.com/media-and-resources/news/three-million-frankenstein-identities-pose-a-multi-billion-pound-fraud-threat/